Govt. clears air over July GST collections, Rs. 65,000 Cr transition credit not "incredibly high"

Govt. issues clarification on Rs. 65,000 crore claimed by taxpayers as transition credit, states that even though said amount is reflected in TRAN-1, it does not mean that they have used all of this credit for payment of their output tax liability for July 2017; Clarifies that Rs. 95,000 crore GST collections in August is the amount actually paid in cash other than availing credit; Stating that this credit figure is not “incredibly high”, Govt. points out that Rs. 1.27 la...